A Virginia Award Agreement is a legal document that is used to settle disputes between two parties in Virginia. This document is used to resolve conflicts without going to court and is an alternative to litigation. It is also known as an arbitration agreement, and is binding and enforceable in the state of Virginia. There are two types of Virginia Award Agreement: Binding and Non-Binding. A Binding Agreement is an agreement that is legally binding and enforceable in a court of law. This type of agreement is often used in disputes involving large sums of money. A Non-Binding Agreement is an agreement that does not have the same legal force as a Binding Agreement, but is still an effective way to settle disputes. The Virginia Award Agreement is typically used in conjunction with mediation, as both parties must agree to the terms of the agreement in order to resolve the dispute. The agreement must be written and signed by both parties and can include provisions such as the amount of money that is to be awarded, the time frame for payment, the scope of the settlement, and the method of dispute resolution.